Target Corporation Announces Pricing of Pending Maximum Tender Offers

Target Corporation (“Target”) (NYSE:TGT)
announced today the consideration payable in connection with its
previously announced tender offers (the “Maximum
Tender Offers”), which commenced on March 13, 2013 to purchase up
to $1,114,268,003 (the “Maximum Payment Amount”)
of the outstanding debt securities (the “Notes”
and each a “series” of Notes) listed in the
table below. The Maximum Tender Offers will expire at 11:59 p.m., New
York City time, on April 10, 2013 unless extended (such date and time,
as the same may be extended, the “Maximum Tender
Expiration Date”). The Maximum Tender Offers are being made
solely pursuant to the offer to purchase and related letter of
transmittal, each dated March 13, 2013 (as they may be amended or
supplemented, the “Tender Offer Documents”).

The table below sets forth the Total Consideration for each series of
Notes.

Up to the Maximum Payment Amount of the
Outstanding Notes Listed Below

Fixed

Principal

Acceptance

U.S. Treasury

Spread

CUSIP

Amount

Priority

Reference

Reference

(Basis

Total

Title of Security

Number

Outstanding

Level

Security

Yield

Points)

Consideration (1)

7.000% Notes due 2038

87612EAU0

$2,250,000,000

1

2.750% dueNovember 15, 2042

3.119%

+90 bps

$1,464.73

6.35% Debentures due 2032

87612EAK2

$550,000,000

2

2.750% dueNovember 15, 2042

3.119%

+80 bps

$1,329.88

6.500% Notes due 2037

87612EAR7

$1,250,000,000

3

2.750% dueNovember 15, 2042

3.119%

+95 bps

$1,374.85

9 7/8% Debentures due 2020

239753BC9

$38,650,000

4

2.000% dueFebruary 15, 2023

1.850%

+55 bps

$1,492.89

8 7/8% Debentures due 2022

239753BL9

$21,628,000

5

2.000% dueFebruary 15, 2023

1.850%

+80 bps

$1,494.18

9.70% Debentures due 2021

239753BG0

$27,715,000

6

2.000% dueFebruary 15, 2023

1.850%

+65 bps

$1,529.47

8.80% Debentures due 2022

239753BM7

$40,830,000

7

2.000% dueFebruary 15, 2023

1.850%

+80 bps

$1,494.08

9% Debentures due 2021

239753BJ4

$16,652,000

8

2.000% dueFebruary 15, 2023

1.850%

+70 bps

$1,488.66

(1) Per $1,000 principal amount of Notes.

Only Holders of Notes who validly tendered and did not validly withdraw
their Notes at or prior to 5:00 p.m., New York City time, on March 27,
2013 (such date and time, the “Early Tender Date”)
are eligible to receive the “Total Consideration”
listed in the table above for Notes accepted for purchase. Withdrawal
rights for the Maximum Tender Offers expired at the Early Tender Date.
Holders of Notes who validly tender their Notes after the Early Tender
Date but at or prior to the Maximum Tender Expiration Date will be
eligible only to receive an amount equal to the “Late
Tender Offer Consideration” for any such Notes accepted for
purchase. The “Late Tender Offer Consideration” for each series of Notes
is equal to the Total Consideration for such series less $30 per $1,000
principal amount of such Notes.

Holders will also receive accrued and unpaid interest on Notes validly
tendered and accepted for purchase from the last interest payment date
up to, but not including, the date Target makes payment in same-day
funds for such Notes, which date is anticipated to be April 11, 2013.

None of Target or its affiliates, their respective boards of directors,
the dealer managers, the tender and information agent or the applicable
trustee with respect to any Notes is making any recommendation as to
whether holders should tender any Notes in response to any of the
Maximum Tender Offers, and neither Target nor any such other person has
authorized any person to make any such recommendation. Holders must make
their own decision as to whether to tender any of their Notes, and, if
so, the principal amount of Notes to tender.

This press release is for informational purposes only and is not an
offer to buy, or the solicitation of an offer to sell, any of the Notes.
The full details of the Maximum Tender Offers for the Notes, including
complete instructions on how to tender Notes, are included in the Tender
Offer Documents. Holders are strongly encouraged to read carefully the
Tender Offer Documents, including materials filed with the Securities
and Exchange Commission and incorporated by reference therein, because
they contain important information.

Holders may obtain a copy of the Tender Offer Documents, free of charge,
from Global Bondholder Services Corporation, the tender and information
agent in connection with the Maximum Tender Offers, by calling toll-free
at (866) 873-7700 (bankers and brokers can call collect at (212)
430-3774). Holders are urged to carefully read these materials prior to
making any decisions with respect to the Maximum Tender Offers.

About TargetMinneapolis-based Target Corporation (NYSE:
TGT) serves guests at 1,808 stores – 1,784 in the United States and 24
in Canada – and at Target.com. Since 1946, Target has given 5 percent of
its profit through community grants and programs; today, that giving
equals more than $4 million a week. For more information about Target’s
commitment to corporate responsibility, visit Target.com/corporateresponsibility.